ETH-BTC / Ethereum to Bitcoin


Ethereum is an open blockchain platform that lets anyone build and use decentralized applications that run on blockchain technology. Like Bitcoin, no one controls or owns Ethereum – it is an open-source project built by many people around the world.

More About ETH-BTC / Ethereum to Bitcoin

Continue reading to learn more about:

Cryptocurrency
Bitcoin (BTC)
Convert ETH to BTC
Is converting one crypto to another a taxable event?
Additional information about Ethereum


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Cryptocurrency


Cryptocurrency is virtual or digital currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.


 
 

Bitcoin (BTC)


Some people call it a 'cryptocurrency'. It's a digital currency that's created, bought and sold online. One of the most popular digital currencies out there, Bitcoin can be sent to anyone in the world. It's also protected by cryptography like a digital signature.

 

Convert ETH to BTC

It is becoming more complicated to understand the difference between Bitcoin and Ethereum, they both are crypto-coins and they do share some similarities. But there is one distinct difference between them, in order to trade one currency for another one needs to first use ETH to buy BTC and then buy other currency.
The main difference between Bitcoin and Ethereum is their intended use. Bitcoin is more similar to gold, where it is more of a currency that can be exchanged for goods or services on the Internet. It was designed to be a 6/24hour trading medium. Ethereum is a platform that allows you to create your own cryptocurrency and execute smart contracts. It only works as a trading medium between various coins within the platform itself.
 
  • Is converting one crypto to another a taxable event?

    As a cryptoholic, it's important to know your tax situation. General rule of thumb is that any time you sell one cryptocurrency for another, you have made a taxable event. This is because the Internal Revenue Service considers the sale and purchase of one cryptocurrency for another as the sale of property for cash.
  • Additional information about Ethereum

    Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. execution of scripts using an international network of public nodes.